The US was closed last night for Memorial Day and the UK for a bank holiday, following profit-taking in the Australian market yesterday. (Available for non-subscribers after 10am)
A mid-session rally sparked by stronger-than-expected GDP partials wasn’t enough to lift the Australian sharemarket, as the major banks weighed on local shares.
The Australian share market finished session lower on Tuesday, 01 June 2021, extending the losses of the previous session, amid concerns over rising COVID-19 cases in Victoria. However, market losses capped after the Reserve Bank of Australia on Tuesday announcement of widely expected decision to hold steady on its current policy settings, including keeping the cash rate at 0.1%.
At closing bell, the benchmark S&P/ASX200 was down 19.06 points, or 0.27%, up at 7,142.57. The broader All Ordinaries fell 14.56 points, or 0.2%, to 7,392.10.
Total 9 of 11 S&P/ASX200 sectors were lower, with the worst performing sectors were Financial (down 0.72%), healthcare (down 0.7%), telecommunication services (down 0.46%), and consumer discretionary (down 0.26%) issues, while energy (up 1.34%), and materials (up 0.29%) were best performing sectors.
Read more about Australia Market falls from 3-month high on Business Standard. However, market losses capped as many investors opted for a wait-and-see attitude due to Memorial Day market closure in the United States and on caution ahead of the RBA s monthly policy announcement on Tuesday and the GDP data due Wednesday for
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